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Pump.fun’s Project Ascend Boosts Protocol Revenue and Trading Volume
According to early-morning data from DeFiLlama, Solana-based memecoin launchpad Pump.fun generated approximately $3.12 million in protocol revenue over the past 24 hours—surpassing Hyperliquid, which brought in around $2.48 million during the same period.
This places Pump.fun as the third-highest revenue-generating platform in crypto for the day, trailing only stablecoin giants Tether ($21.7M) and Circle ($7.62M).
Trading Volumes Surge After Project Ascend
The platform’s recent growth appears to follow the Project Ascend update, rolled out in early September. The update introduced a dynamic fee model where smaller projects pay higher fees, which decline as the token’s market cap grows.
“This incentivizes long-term, sustainable token creation,” noted the Pump.fun team in a recent protocol update.
In parallel, Pump.fun has begun using portions of its protocol revenue to buy back its native token (PUMP), effectively reducing its circulating supply—a move that may be supporting the token’s price.
Memecoins Outperforming DeFi Giants?
PumpSwap, Pump.fun’s integrated DEX, recorded $878 million in 24-hour volume last week, outperforming established Solana DEXes like Raydium and Meteora.
Meanwhile, in the Hyperliquid ecosystem, Native Markets recently won the rights to the USDH ticker in a competitive auction, with plans to launch a new dollar-pegged stablecoin under that name.
Community-Driven Projects Gaining Ground
Pump.fun’s rise highlights the power of community narratives and cultural momentum in crypto. The platform’s rapid revenue growth underscores how low fees, creator-focused design, and scalability—especially within the Solana ecosystem—can drive user adoption.
The memecoin economy continues to prove that launchpad-driven activity can rival, and even outpace, traditional DeFi sectors like derivatives and yield farming.
